Warzone Properties...why purchase them

[Michelle Mitchell]

In 2017, I purchased a bank-owned property through an auction not knowing it was in a warzone area. A place where drugs and crime are high. Baltimore city has chosen this area to renovate. Lately, a lot of investors have been calling and texting me. I am wondering whether to take them up on their offer. What do you think I should do? Buy and hold or cut my losses. Again, Baltimore city has been renovating this area but crime is still rampant. Thanks in advance for your advice. #myfirstinvestmentproperty #strikingitrichsomeday

[David Wandel]

Most, if not all, of the texts and calls you are getting aren't investors. They are wholesalers. You are getting all this interest because (I assume) that you own it free and clear. There is no guarantee that they will get it sold for you.

Do you have it rented out? Is it making you money? Do you enjoy owning the property? If you sold it what would you do with the money?

Some of the wholesalers that are contacting you are actually pretty competent and can probably get the house sold for you. Others will just tie your property up and give you false hope.

Not sure where you live at or what kind of contacts you have in Baltimore but after answering the above questions and the decision was to sell the house I would probably post it myself in the local Baltimore Real Estate FB groups, BP Marketplace.

If you are local stop in at the Friday lunch at Spirits and meet some of the real players in the Baltimore market. Good chance you could sell the property there.

What street is the house ? Let me know if I can be of any help to yo.